Health Insurance Plans for Individuals Above 70 Years in India

Over the years, with the progress in the healthcare industry, the insurance companies in India now offer several new health insurance plans with attractive features and benefits. Until a few years ago, health insurance for senior citizens was not available, but today it is gaining immense popularity as more companies are now offering specialised health insurance plans for the old-aged.

Being 70 or more can be an exciting phase of life, you can now relax and enjoy and not worry about work and responsibilities. It also has limitations, like no scope for income and health issues due to a sedentary life. Hence, it would help if you bought health insurance for senior citizens.

• Vulnerable to illness The 70s is the age when you become easily prone to illnesses and diseases due to the wear and tear of the body, and you may need frequent hospitalisation. Having health insurance can help you meet the expenses without disturbing your savings.
• Financial planning Knowing that you have a health insurance plan to help you take care of the treatment cost, you can plan your finances well and use your money wisely in other investments and remain stress-free.
• Access to a high-quality medical facility When you are old, a medical emergency can occur at any time, and in the purview of the rising cost of treatment, most people cannot afford treatment and struggle to gather funds. With robust health insurance, you can get quick and timely access to high-quality medical care without worrying about the finances; the insurance company will pay for the expenses.
• Covers Pre and post-hospitalisation expenses A lot of health insurance plans for senior citizens provide coverage not just for the days when you are admitted in the hospital, but also for pre-hospitalisation expenses like doctor consultation, medical tests, ambulance charges, etc. Depending on the type of plan you have, if you need any post-hospitalisation care like follow-up visits and post-surgery treatment, you can claim compensation.
• Cashless settlement Today, all the insurance companies in India offer cashless claim facilities to policyholders. During a medical emergency, the last thing you want to do is make arrangements for the funds for the treatment. This is where the cashless facility comes in handy.You can get admitted to any of the hospitals that are part of the insurer’s network. The insurer will directly settle the bill with the hospital; you must show your cashless card provided by the insurer. So, while buying the policy, make sure to check the network hospitals in your vicinity.
• Tax Benefits Another significant benefit of health insurance apart from covering the medical expenses is the tax benefit. The premium you pay for the health insurance is considered deductible under Section 80D of the Indian Income Tax Act to a maximum limit of Rs. 50,000 (for senior citizens).

Thus, health insurance for senior citizens has more than one benefit. Make sure that you get a health cover as early as possible and be worry-free during your old age.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.